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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Income Tax Expense (Benefit) from Continuing Operations (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in millions) |
Current income taxes (benefits): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | 217.8 | ​ | $ | 81.5 | ​ | $ | (56.3) | ​
State | ​ | ​ | 33.3 | ​ | ​ | 20.1 | ​ |  | 20.7 | ​
Foreign | ​ | ​ | 37.0 | ​ | ​ | 38.8 | ​ |  | 53.1 | ​
Tax benefit of operating loss carryforward | ​ | ​ | (3.7) | ​ | ​ | (14.5) | ​ |  | (9.5) | ​
Total current income taxes | ​ | ​ | 284.4 | ​ | ​ | 125.9 | ​ |  | 8.0 | ​
Deferred income taxes (benefits): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | ​ | (12.1) | ​ | ​ | (63.2) | ​ |  | 1,189.7 | ​
State | ​ | ​ | 12.7 | ​ | ​ | 0.1 | ​ |  | 8.0 | ​
Foreign | ​ | ​ | 6.7 | ​ | ​ | 5.9 | ​ |  | (16.2) | ​
Total deferred income taxes (benefits) | ​ | ​ | 7.3 | ​ | ​ | (57.2) | ​ |  | 1,181.5 | ​
Income taxes | ​ | $ | 291.7 | ​ | $ | 68.7 | ​ | $ | 1,189.5 | ​
​
Income Before Income Taxes, Domestic and Foreign (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in millions) | ​
Domestic |  | $ | 1,662.1 |  | $ | 412.8 |  | $ | 5,766.1 | ​
Foreign | ​ | ​ | 227.5 | ​ | ​ | 326.0 | ​ | ​ | 220.9 | ​
Total income before income taxes |  | $ | 1,889.6 |  | $ | 738.8 |  | $ | 5,987.0 | ​
​
Reconciliation between U.S. corporate income tax rate and effective income tax rate from continuing operations (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
U.S. corporate income tax rate |  | 21 | % | 21 | % | 21 | %
Dividends received deduction | ​ | (4) | ​ | (10) | ​ | (1) | ​
Tax credits | ​ | (4) | ​ | (8) | ​ | (1) | ​
Impact of equity method presentation | ​ | (1) | ​ | (4) | ​ | — | ​
Interest exclusion from taxable income | ​ | (1) | ​ | (3) | ​ | — | ​
Foreign currency inflation | ​ | — | ​ | (1) | ​ | — | ​
Impact of noncontrolling interest presentation | ​ | — | ​ | (1) | ​ | — | ​
Low income housing tax credit amortization | ​ | 2 | ​ | 5 | ​ | — | ​
State income taxes | ​ | 2 | ​ | 2 | ​ | — | ​
Valuation allowance | ​ | 1 | ​ | 1 | ​ | — | ​
Global Intangible Low-Taxed Income | ​ | — | ​ | 7 | ​ | 1 | ​
Other | ​ | (1) | ​ | — | ​ | — | ​
Effective income tax rate | ​ | 15 | % | 9 | % | 20 | %
Changes in Unrecognized Tax Benefits (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in millions) |
Balance at beginning of period | ​ | $ | 39.3 | ​ | $ | 42.2 | ​ | $ | 45.5 | ​
Additions based on tax positions related to the current year | ​ | ​ | 0.3 | ​ | ​ | 0.3 | ​ |  | — | ​
Reductions for tax positions related to the current year | ​ | ​ | (3.2) | ​ | ​ | (3.2) | ​ |  | (3.3) | ​
Balance at end of period (1) | ​ | $ | 36.4 | ​ | $ | 39.3 | ​ | $ | 42.2 | ​
(1) | If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2024 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.
Components of Net Deferred Income Taxes (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2024 |  | 2023 |
​ | ​ | (in millions) |
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net operating and capital loss carryforwards | ​ | $ | 107.4 | ​ | $ | 123.0 | ​
Tax credit carryforwards | ​ | ​ | 15.2 | ​ | ​ | 64.2 | ​
Net unrealized losses on available-for-sale securities | ​ | ​ | 1,250.2 | ​ | ​ | 1,092.9 | ​
Employee benefits | ​ | ​ | 334.3 | ​ | ​ | 315.4 | ​
Gross deferred income tax assets | ​ | ​ | 1,707.1 | ​ | ​ | 1,595.5 | ​
Valuation allowance | ​ | ​ | (71.4) | ​ | ​ | (58.8) | ​
Total deferred income tax assets | ​ | ​ | 1,635.7 | ​ | ​ | 1,536.7 | ​
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred acquisition costs | ​ | ​ | (689.7) | ​ | ​ | (679.2) | ​
Investments, including derivatives | ​ | ​ | (217.1) | ​ | ​ | (240.9) | ​
Funds withheld embedded derivative | ​ | ​ | (651.7) | ​ | ​ | (575.5) | ​
Real estate | ​ | ​ | (127.1) | ​ | ​ | (136.7) | ​
Intangible assets | ​ | ​ | (355.5) | ​ | ​ | (384.2) | ​
Insurance liabilities | ​ | ​ | (1,008.1) | ​ | ​ | (886.1) | ​
Other deferred income tax liabilities | ​ | ​ | (85.4) | ​ | ​ | (6.3) | ​
Total deferred income tax liabilities | ​ | ​ | (3,134.6) | ​ | ​ | (2,908.9) | ​
Total net deferred income tax liabilities | ​ | $ | (1,498.9) | ​ | $ | (1,372.2) | ​
​
Net Deferred Income Taxes by Jurisdiction (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2024 |  | 2023 |
​ | ​ | (in millions) |
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
State | ​ | $ | 61.9 | ​ | $ | 77.9 | ​
Foreign | ​ | ​ | 145.2 | ​ | ​ | 163.2 | ​
Net deferred income tax assets | ​ | ​ | 207.1 | ​ | ​ | 241.1 | ​
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | ​ | (1,416.1) | ​ | ​ | (1,312.9) | ​
Foreign | ​ | ​ | (289.9) | ​ | ​ | (300.4) | ​
Net deferred income tax liabilities | ​ | ​ | (1,706.0) | ​ | ​ | (1,613.3) | ​
Total net deferred income tax liabilities | ​ | $ | (1,498.9) | ​ | $ | (1,372.2) | ​
​

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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